Valix Finacc vol 1 Problem 4-18

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 4-18

                                                  July 31              Receipts         Disbursements     August 31

Bank balance                             800,000            5,000,000              3,940,000         1,860,000

Book error on collection                                  (   180,000)                                   (   180,000)

Book error on payment                                                               (   540,000)           540,000

Bank error on deposit                                      (   200,000)                                    (  200,000)

Bank error on payment                                                               (   400,000)           400,000

NSF check:

      July                                      100,000                                           100,000

      August                                                                                   (     50,000)             50,000

Note collected by bank:

      July                                    (  200,000)            200,000

      August                                                       (  300,000)                                    (  300,000)

Deposit in transit:

      July                                       600,000          (   600,000)

      August                                                           480,000                                         480,000

Outstanding checks:

      July                                    (  100,000)                                    (   100,000)

      August                                                                                      650,000         (  650,000)

 Book balance             1,200,000         4,400,000              3,600,000          2,000,000